SatoshiPay Raises €360,000 In Seed Funding

SatoshiPay has just announced the closure of a seed round with €360,000 invested.

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SatoshiPay has just announced the closure of a seed round with €360,000 invested. According to the announcement from Coinsilium, the blockchain technology investment company, it has invested a total of €200,000 in the SatoshiPay.

“We are delighted to announce that Coinsilium has completed its acquisition of the majority of shares available in SatoshiPay's seed equity round, taking our total investment to €200,000 and increasing Coinsilium's equity holding in SatoshiPay to 14.5%.”

The remaining investment in the latest seed round was made by Stephen Dattels’ and Jim Mellon’s FastForward Innovations (formerly Kuala Innovations).

SatoshiPay is a company founded in September 2014 in Berlin, that develops and produces solutions for so-called nanopayments using cryptocurrency. These nanopayments can be as small as the value of Bitcoin’s smallest unit - a Satoshi, thus it allows users and companies to trade digital goods in the very small increments.

Meinhard Benn, the founder of SatoshiPay, said:

“I am very grateful for the trust Coinsilium put in us when they decided to invest, with us merely having a rough prototype and not much more than the infamous napkin business plan. With funding secured, we could swiftly return to building the product. A founder’s dream come true.”

SatoshiPay is currently working on a beta version of their service and a full release is expected in the first half of 2016.